Ocenění společnosti Letiště Praha, a. s.

Abstract

SUMMARY Title: Valuation of the company Letiště Praha, a.s. Author: Bc. Veronika Seidlová

The aim of this thesis is the evaluation of Prague Airport (Letiště Praha, a.s.) as per January 1st 2009 for the purpose of selling the company and by applying selected evaluating methods. Currently, the only owner of the company is the Ministry of Finance and the company is in the process of transformation. The thesis is logically divided into three parts while each part of the thesis follows the previous part. The first part provides the description of general basis for evaluation, the process of assessing the price and the evaluation of all closely related factors, such as financial analysis or proposal of a long-term financial plan. Parts of this chapter are the theoretical foundations of the implemented methods including the determination of free cash flow models and the cost of capital determination models. The second part first introduces Prague Airport which is followed by a financial analysis based on available data and subsequently long-term financial plan is proposed. Financial analysis is focused on analyzing financial statements, ratios and predictive models. The third part focuses on the application of selected evaluation methods. Equity valuation of Prague Airport as per January 1st 2009 is performed by the means of yield methods and application of real options methodology. The following are chosen from the yield method: the method of discounted cash flow DCF-equity, which is applied in two phases, a method of capitalized profits. At the end of the chapter there results are compared and comments on the current situation of the evaluated company are stated.